Oil starts the week with a rise of 2%


Oil started the week’s trading with a rise of 2%, today, Monday, after a week of fluctuations due to the Omicron axis and anticipation of the decision of the OPEC Plus group, which decided to maintain its production policy.

Brent crude futures rose in morning trading by 2% to $71.28 a barrel, while US crude futures rose 2.16% to $67.69 a barrel.

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as (OPEC +), surprised the markets Thursday evening when it announced plans to increase oil production per month by another 400,000 barrels per day in next January. However, producers left the door open for a quick policy change if demand was hit by Omicron’s containment measures. They said they might meet again before their next scheduled meeting on January 4th if necessary.

Intervals Aramco Saudi Arabia On Sunday, it raised the official selling price of Arab Light crude to Asia to $3.30 a barrel above the Oman/Dubai average for January, up $0.60 from December.

The company set the selling price of crude to Northwest Europe at $1.30 a barrel, below the price of Brent on the Intercontinental Exchange, and to the United States at $2.15, above the Ascii index.

Aramco last month raised its official selling price for Arab Light crude by $1.40 to $2.70 a barrel above the average Dubai crude on Platts and Oman crude on the DME in December, the highest level since September.


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